After a highly successful round of crowdfunding, entrepreneurial Herefordshire business A Rule of Tum sought the help of tax barrister Sarah Woodall in order to release half a million pounds of investors’ money.
The award-winning business needed to support its continued growth with increased investment and turned to crowdfunding. Having raised £500,000, advanced clearance from HMRC under the Enterprise Investment Scheme (EIS) was then needed to enable Rule of Tum to access the money. (EIS is designed to enable companies to raise money to grow by offering tax relief to individual investors buying new shares in a company.)
Unfortunately, long delays by HMRC and a failure to consider the merits of the case fully cost the business several months, and threatened to undermine investor confidence altogether. In need of urgent help, they turned to Sarah, whose experience of working with HMRC proved invaluable when advocating on business’s behalf.
Sarah’s precise and unequivocal demonstration of A Rule of Tum’s focus, providing members of the public with outstanding simple, locally sourced, seasonal foods in an environmentally sensitive manner, proved pivotal in obtaining clearance from HMRC and protecting the business’s investment which had been at risk.
Director Dorian Kirk said: “Just want to say thanks again for all the extra effort (Sarah) put in to get this over the line. We are utterly delighted.”